teaming up: how to find a co-founder

Working with a co-founder can accelerate business success. This guide explains how to find a co-founder who you can work with and rely on.

Starting a business is an exciting challenge. But when things go wrong – as they inevitably will from time to time – it can be tough to manage all on your own. Entrepreneurs will often have too many spinning plates, fires to put out, and doubts over the best way forward.

That’s why having a co-founder can be the key to accelerating your business success. A trusted business partner will share that burden with you, providing their own unique perspective and bringing all of their energy to the venture.

This guide explains how to find a co-founder who can support you through the tough times, as well as celebrate the good times.

Why you might want a co-founder

Before you start looking for one, consider why finding a co-founder could be a good idea. It’s possible you’ll decide you’re OK staying solo, but there are a number of very good reasons why taking on a business partner could be the best move.

Shared workload and expertise

Running a business by yourself means you have to be on top of everything – ask any founder and they’ll tell you it’s a lot! From developing your product to marketing it and servicing customers, you will have your hands full. A co-founder can share that workload with you, freeing up time and energy to focus your efforts on your particular strengths. A co-founder also brings their own expertise to the table. 

Expanded network for opportunities

The quality and breadth of a network can make or break a startup. While you may have developed a strong network of your own, having two will always be better than one. A co-founder brings in their own contacts, potential clients and industry connections, ready to be tapped. If you’re working across borders, this can be particularly vital, as your co-founder’s network can open your business up to new markets you’d never reach on your own.

Emotional support

If you’ve already started a business, you don’t need to be told how tough it can be. From the stress, to long hours, to the feeling of isolation when things go wrong, you need huge reserves of willpower and perseverance to keep going. A co-founder gives you someone to share the tough times with, someone you can lean on during challenges, and just as important, someone you can celebrate each and every success with.

More credibility with investors

The expanded network and doubling of expertise can be attractive to potential investors. Many investors might think twice about betting on a one-person show, but having a co-founder shows you can work collaboratively and share responsibility. They will also be reassured that if one co-founder calls it quits, there will still be someone steering the ship.

Where to find a co-founder for your startup

If you’re stuck wondering how to find a business partner, a great place to start is the e-Residency community. There are more than 120,000 like-minded people to connect with, each of them bursting with ideas, creativity and entrepreneurial drive. You can join an in-person event, or connect online on the community’s Facebook page or Subreddit.

Here are some other ideas for how to find a co-founder.

Tap into your existing network

Think about your former colleagues, classmates, even business-minded friends. Is there anyone there who you could see yourself teaming up with? They should complement your skills and experience, and bring something unique to the table.

Then consider any industry contacts you’ve made, or even ask any mentors if they know of suitable people they could put you in touch with.

Go to industry-specific channels

Many successful co-founder relationships have started at industry events or entrepreneurship meetups. At these types of events, you’re going to meet a lot of hot leads, as many attendees will be there for the same reasons as you. This could be anything from industry conferences and trade shows to more casual entrepreneur meetups wherever you’re based.

Find a co-founder online

A great thing about setting up a business as an e-⁠resident is you can run a business across borders – meaning your co-founder could live in a different country to you. To find an international co-founder, you could check out websites such as co-founderLab or Y Combinator Co‑Founder Matching. You could also find leads in LinkedIn groups, Reddit communities, or even on industry-specific Slack channels.

Choosing the right co-founder

Sourcing potential candidates for a co-founder position is one thing, but you want to be very careful about who you actually team up with. Here’s what to look for.

• Complementary skills: Perhaps the joint-most important factor to consider. You want a co-founder whose skillset and experience complement yours. Find a co-founder who takes your founding team’s skillset to the next level.
• Co-founder chemistry: The other key factor is you need a co-founder you really gel with. The stress of running a business means you should be able to get along with them in the tough times as well as the good times.
• Shared vision: Often a sticking point for co-founders at some point down the road. Make sure any potential co-founder has the same short, medium, and ideally long-term vision as you.
• Work ethic: Starting a business is almost guaranteed to require grinding. Your co-founder should therefore be prepared to put in as much blood, sweat and tears as you.
• Reliability: Find out about their track record, and think deeply about it. Are they on a trajectory to success?

What to avoid when looking for a co-founder

You know what to look for, but there are also some things to avoid when making such a fundamental decision.

• Don’t rush it: Starting a business with someone is a bit like getting married. You’ll be spending a lot of time together (in person or remotely), and a break-up could be catastrophic. Take your time to get to know any potential co-founder, and see if you can get along with them at their worst as well as at their best. 
• Watch for red flags: This could be things like poor communication, unreliability, missing meetings, or having different values different to you when it comes to business and life.
• Keep the business top of mind: You might find potential co-founders that you get along with as friends, but think critically about whether they bring business success to the table, too.
• Don’t skip the hard conversations: You need to be aligned when it comes to dividing equity, workload, and responsibilities. Co-founding requires tough conversations, and you need to be able to have these productively if the relationship is to succeed.

Why e-⁠Residency could bring success to your joint venture

A major advantage of setting up your co-founded business in Estonia with e-⁠Residency is the ability to operate it almost seamlessly across borders. You and your co-founder can be based in different countries but run the whole thing online.

That means you can find the best possible co-founder for your business, without being limited by geography. Don’t just take our word for it. There are plenty of examples of successful co-founder businesses operating across borders, such as MansionTech OÜ, a global digital marketing consulting company. Its founders are based more than 10,000km apart, with one in Brazil and one in Austria, but they found a successful setup with e-⁠Residency.

Ready to explore how e-⁠Residency could support your co-founder journey?